Second charge mortgage new business volumes grew by 59% in February 2022 as the value of new business hit £119m, according to the latest figures from the Finance & Leasing Association (FLA).
Fiona Hoyle, director of consumer & mortgage finance and inclusion at the FLA, said: “In February, the second charge mortgage market reported its highest monthly level of new business volumes for two years and has now returned to pre-pandemic levels of new business by both value and volume.
“As consumers face higher prices and pressure on disposable incomes, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”
| Feb 2022 | % change on prev. year | 3 months to Feb 2022 | % change on prev. year | 12 months to Feb 2022 | % change on prev. year | |
| Value of new business (£m) | 119 | 70 | 309 | 60 | 1,192 | 80 |
| Number of new agreements (No.) | 2,660 | 59 | 6,950 | 50 | 27,624 | 72 |
